Objectives of preparing bank reconciliation statement
Answers
Answered by
6
Firstly to trace the errors committed in the process of accounting
2. To know the transactions that bank has made on your behalf with third-party
3. To know the correct or actual balance available in your bank account
4. It is also prepared for the purpose of auditing because status of transactions are got informed through this statement and auditor certifies bank balance on the basis of the statement
5. It also helps to disclose the frauds if any committed by accountant or bank during the business course
2. To know the transactions that bank has made on your behalf with third-party
3. To know the correct or actual balance available in your bank account
4. It is also prepared for the purpose of auditing because status of transactions are got informed through this statement and auditor certifies bank balance on the basis of the statement
5. It also helps to disclose the frauds if any committed by accountant or bank during the business course
Similar questions